Abstract:
Based on China Household Finance Survey data in 2013, by choosing Instrumental Variable and using Maximum Likelihood estimation, this paper finds financial availability can significantly improve households' credit demand and reduce the probability of households' credit constraints. Further, this paper finds financial availability can significantly reduce the probability of households' demand credit constraints and supply credit constraints. In addition, this paper finds, under the condition of the formal financial unavailability, internet finance can significantly promote households' credit demand and can significantly reduce the probability of households' credit constraints. The policy implication is that improving financial availability and popularizing internet finance can release households' credit demand, alleviate households' credit constraints and improve the level of household consuption.
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